Charlottesville Retail Asset Changes Hands

Pantops Plaza Shopping Center is 100 percent leased to five long-term tenants, including Starbucks and Chipotle. Cushman & Wakefield | Thalhimer facilitated the transaction.

Pantops Plaza in Charlottesville, Va.
Pantops Plaza in Charlottesville, Va.

Cushman & Wakefield | Thalhimer has negotiated the transaction of the 10,518-square-foot Pantops Plaza Shopping Center in Charlottesville, Va. CooperQuincy LLC purchased the retail asset from Riverbend Development for $6.7 million, as part of a larger 1031 exchange.

The property is located on a roughly 1.7-acre parcel at 2040 Abbey Road,  between Martha Jefferson Hospital and Rivanna Ridge Shopping Center. Situated adjacent to Virginia Route 250, Pantops Plaza is exposed to approximately 44,000 vehicles daily. The asset is 100 percent leased to five long-term tenants, including Starbucks and Chipotle.

Cushman & Wakefield | Thalhimer Capital Markets Group’s team representing the seller included First Vice President Catharine Spangler from the Richmond office and Senior Vice President Ed Kimple of Thalhimer’s Virginia Beach office. The company’s Charlottesville division will manage the property under the new owners.

Cushman & Wakefield has recently negotiated a number of large retail deals, including Peachtree Station, a 100,000-square-foot, grocery-anchored shopping center in the Atlanta area.

Image courtesy of Cushman & Wakefield | Thalhimer